KAIYUAN SECURITIES·2025-07-31 05:36Investment Rating - The investment rating for WuXi AppTec is maintained as "Buy" [1] Core Views - The company reported strong performance in H1 2025, with revenue reaching 20.64% year-on-year growth and a significant increase in net profit by 101.92% [4][5] - The TIDES business segment showed robust growth, with revenue increasing by 141.6% year-on-year, indicating strong demand and expansion potential [5] - The company has raised its revenue guidance for 2025 from 41.5-43 billion to 42.5-43.5 billion, reflecting positive market conditions and order growth [4] Financial Performance Summary - In H1 2025, the company achieved revenue of 20.799 billion, a 20.64% increase year-on-year, and a net profit of 8.561 billion, up 101.92% [4] - For Q2 2025, revenue was 11.145 billion, showing a 20.37% year-on-year increase and a 15.43% quarter-on-quarter increase [4] - The adjusted Non-IFRS net profit for H1 2025 was 6.31 billion, reflecting a 44.4% year-on-year growth [4] Business Segment Performance - The chemical business segment generated revenue of 16.3 billion in H1 2025, marking a 33.5% increase year-on-year [5] - The TIDES business segment's revenue was approximately 5.03 billion in H1 2025, with a 48.8% increase in orders by the end of June 2025 [5] - The clinical business segment reported a slight decline in revenue, but the overall performance remains stable with a focus on expanding new molecular types [6] Financial Projections - The company expects net profit for 2025-2027 to be 13.407 billion, 15.127 billion, and 17.939 billion respectively, with EPS projected at 4.67, 5.27, and 6.25 [4][8] - The current price-to-earnings ratio (PE) is projected at 21.2, 18.8, and 15.8 for the years 2025, 2026, and 2027 respectively [4][8]